Chinese banker Yonghong Li is the only shareholder now and will finance the takeover of Milan using a variety of loans funnelling cash out of China through offshore accounts, the most recent being in the British Virgin Islands.
Now it’s reported Sino-Europe Sports has been shut down and replaced by a new offshore holding company, Rossoneri 网上21点Sport Luxembourg.
They are expected to provide €180m to both meet the deadline for another deposit and complete the closing by April 14.
Il Sole 24 Ore – the Italian equivalent of the Financial Times – notes that he has approached
The conglomerate had been set up to bring together numerous Chinese and Asian investors who were aiming to buy up the club from President Silvio Berlusconi and his holding company Fininvest.
As there were more and more delays to the closing, which was originally meant to be last year, it became apparent the investors were also dwindling.
However, this situation is definitely not what Berlusconi signed up for, nor promised to fans when he said the club would be le皇冠外围投注ft in safe hands.
While city rivals Inter have giant Sunin线上足球投注g Group able to finance the club, Milan are going to be propped up by a series of loans to different offshore companies using loopholes to avoid a clampdown by the Chinese Government on unauthorised funds leaving the country.
The Milan takeover is getting more complex, as Sino-Europe Sports is disbanded, making Yonghong Li the sole owner funded by several different loans.
Even if Yonghong Li does manage to complete the takeover, how is he going to get guaranteed access to money for transfer fees or improved contracts to the likes of Gianluigi Donnarumma, Giacomo Bonaventura and Suso?